Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from email@example.com. Be Scamsmart.
Secured loans rose slightly in October, with the latest Bank of England figures showing that they reached £14.8 billion.
This represented an increase of £0.5 billion compared to the previous month, which itself had seen a £1.5 billion rise.
Overall lending rose slightly but by a lesser extent than in September, while credit card lending was also shown to have increased at a faster rate - up £0.4 billion.
But secured loans for the purpose of buying a home saw a drop, as first-time buyers continue to struggle in the current market.
Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, noted that interest rate cuts have not yet encouraged a rise in market activity.
"The Bank of England will need to cut rates further this week for any chance of getting the mortgage market moving," he said, adding that high street spending has dropped as a result of the lack of finance available.
Find out more :
Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.